Purpose of functional area
Role of market research is ensure that the company obtains timely insights about the market, the various personas and their needs, by conducting qualitative, quantitative surveys and desktop research.
Inputs: How it impacts CVM
Provides essential market insights on:
- Personas / Customer segmentation
- Customer Needs and Preferences
- Customer Experience and satisfaction
- Gaps in offering
- Pricing feedback
- Competitive landscape
- Differentiation
- Communication
CVM work related to function
- CVM must incorporate market insights into CVM initiatives by creating new campaigns, adjusting segmentations, tailoring pricing, etc.
- CVM can share insights and trends obtained from current customer base analysis on personas, needs/jobs-to-be-done with the market research team
Outputs: How CVM impacts this area
- Formulates requests for market research projects
- Provides customer base insights that shape market research design, hypotheses
Key handshakes to consider
Market Research ↔︎ CVM functions must establish a close collaboration and information sharing processes, so that both functions would have a shared understanding of customer behaviors, needs and market trends.
Impact of collaboration quality on CVM team results
LOW – lack of alignment with market research results in both teams duplicating each others’ work.